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<SEC-DOCUMENT>0001004980-03-000155.txt : 20030708
<SEC-HEADER>0001004980-03-000155.hdr.sgml : 20030708
<ACCEPTANCE-DATETIME>20030708154113
ACCESSION NUMBER:		0001004980-03-000155
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20030708
ITEM INFORMATION:		Other events
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20030708

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PG&E CORP
		CENTRAL INDEX KEY:			0001004980
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC & OTHER SERVICES COMBINED [4931]
		IRS NUMBER:				943234914
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12609
		FILM NUMBER:		03778535

	BUSINESS ADDRESS:	
		STREET 1:		ONE MARKET SPEAR TOWER
		STREET 2:		SUITE 2400
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94105
		BUSINESS PHONE:		4152677000

	MAIL ADDRESS:	
		STREET 1:		ONE MARKET SPEAR TOWER
		STREET 2:		SUITE 2400
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94105

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PG&E PARENT CO INC
		DATE OF NAME CHANGE:	19951214
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>final070803mor8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<html>
<head>
<title>SECURITIES AND EXCHANGE COMMISSION</title>
</head>
<body>
<div>
<table border="0" cellspacing="0" cellpadding="0" width="644">
<tr>
<td colspan="4" valign="top">
<p align="center"><font size="3" face="Times New Roman">SECURITIES
AND EXCHANGE COMMISSION</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center"><font size="3" face="Times New Roman">Washington,
D.C.&nbsp; 20549</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center"><font size="3" face="Times New Roman">FORM
8-K</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center"><font size="3" face="Times New Roman">CURRENT
REPORT</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center"><font size="3" face="Times New Roman">Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of
1934</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center"><font size="3" face="Times New Roman">Date of
Report: July 8, 2003</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman"><br />
 Commission<br />
 File<br />
 Number</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">Exact Name
of<br />
 Registrant<br />
 as specified in<br />
 its charter</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman"><br />
 State or other<br />
 Jurisdiction of<br />
 Incorporation</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman"><br />
 IRS Employer<br />
 &nbsp; Identification<br />
 Number</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><font size="3" face=
"Times New Roman">_____________</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face=
"Times New Roman">_____________</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face=
"Times New Roman">_____________</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face=
"Times New Roman">_____________</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><font size="3" face=
"Times New Roman">1-12609</font></p>

<p align="center"><font size="3" face=
"Times New Roman">1-2348</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">PG&amp;E
Corporation</font></p>

<p align="center"><font size="3" face="Times New Roman">Pacific Gas
and<br />
 Electric Company</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face=
"Times New Roman">California</font></p>

<p align="center"><font size="3" face=
"Times New Roman">California</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face=
"Times New Roman">94-3234914</font></p>

<p align="center"><font size="3" face=
"Times New Roman">94-0742640</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p align="center"><font size="3" face="Times New Roman">Pacific Gas
and Electric Company<br />
 77 Beale Street, P. O. Box 770000<br />
 San Francisco, California&nbsp;&nbsp;94177</font></p>
</td>
<td colspan="2" valign="top">
<p align="center"><font size="3" face="Times New Roman">PG&amp;E
Corporation<br />
 One Market, Spear Tower, Suite 2400<br />
 San Francisco, California&nbsp;&nbsp;94105</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center"><font size="3" face="Times New Roman">(Address of
principal executive offices) (Zip Code)</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td colspan="2" valign="top">
<p align="center"><font size="3" face="Times New Roman">Pacific Gas
and Electric Company<br />
 (415) 973-7000</font></p>
</td>
<td colspan="2" valign="top">
<p align="center"><font size="3" face="Times New Roman">PG&amp;E
Corporation<br />
 (415) 267-7000</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center"><font size="3" face=
"Times New Roman">(Registrant's telephone number, including area
code)</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>
</table>

<p align="center"><font size="3" face=
"Times New Roman">Inapplicable</font></p>

<p align="center"><font size="3" face="Times New Roman">(Former
Name or Former Address, if Changed Since Last Report)</font></p>

<p><font size="3" face="Times New Roman">Item
5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Events</font></p>

<p><u><font size="3" face="Times New Roman">Proposed Settlement
Agreement</font></u></p>

<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
previously disclosed, PG&amp;E Corporation and its subsidiary,
Pacific Gas and Electric Company (Utility) and the staff of the
California Public Utilities Commission (CPUC) entered into a
proposed settlement agreement that contemplates a new plan of
reorganization (Settlement Plan) to supercede the competing plans
of reorganization submitted in the Utility&rsquo;s proceeding under
Chapter 11 of the U.S. Bankruptcy Code pending in the U.S.
Bankruptcy Court for the Northern District of California
(Bankruptcy Court).&nbsp; On June 27, 2003, PG&amp;E Corporation,
the Utility, and the Official Committee of Unsecured Creditors, as
co-proponents, filed the Settlement Plan with the Bankruptcy
Court.&nbsp; Among other conditions to effectiveness of the
Settlement Plan, the CPUC must approve the proposed settlement
agreement on or before December 31, 2003, the Bankruptcy Court must
approve the disclosure statement which will be used to solicit
approval of the Settlement Plan from creditors entitled to vote on
the Settlement Plan, and the Bankruptcy Court must confirm the
Settlement Plan.&nbsp;</font></p>

<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
CPUC has set a prehearing conference for July 9, 2003 regarding the
proposed settlement agreement. As requested by the CPUC, on July 1,
2003, the Utility submitted a proposed schedule of procedures it
believes are needed under the California Public Utilities Code and
CPUC policies and practices to implement the proposed settlement
agreement and Settlement Plan.&nbsp; The Utility&rsquo;s proposed
schedule calls for evidentiary hearings to be completed by
September 12, 2003, for a proposed CPUC decision to be issued by
November 18, 2003, and for a final CPUC decision to be issued by
December 18, 2003.&nbsp;</font></p>

<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further,
the Bankruptcy Court has set a hearing for July 30, 2003 to
consider whether to approve the proposed disclosure statement
describing the Settlement Plan.&nbsp;</font></p>

<p><u><font size="3" face="Times New Roman">Credit
Ratings</font></u></p>

<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June 23, 2003, Moody&rsquo;s Investors Service announced that it
placed the ratings of&nbsp;the Utility, including its senior
unsecured debt at Caa2, under review for possible upgrade following
the announcement of the&nbsp;proposed settlement
agreement.&nbsp;&nbsp;&nbsp; On July 1, 2003, Fitch Ratings
announced that it had raised the ratings of the Utility&rsquo;s
senior secured debt and preferred stock to 'BB-' and 'DDD',
respectively, from 'DDD' and 'D'.&nbsp; The Utility&rsquo;s secured
debt and preferred stock remains on Rating Watch Positive by Fitch.
Fitch stated that the ratings reflect the fact that the Utility is
currently paying all interest payments on its outstanding debt
securities and Fitch's view that the Utility is likely to continue
to do so through the remainder of the bankruptcy
process.</font></p>

<p><font size="3" face="Times New Roman">Item 9.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regulation FD Disclosure</font></p>

<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information included in this Current Report on Form 8-K, including
portions of the Utility&rsquo;s monthly operating report for the
month ended May 31, 2003 filed with the Bankruptcy Court attached
hereto as Exhibit 1 and the financial projections relating to the
Settlement Plan attached hereto as Exhibit 2, are being furnished,
not filed, pursuant to Item 9 of Form 8-K.</font></p>

<p><u><font size="3" face="Times New Roman">Monthly Operating
Report</font></u></p>

<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June 30, 2003, the Utility filed its monthly operating report for
the month ended May 31, 2003 with the Bankruptcy Court, as required
by Section 704(8) of the U.S. Bankruptcy Code and Rule 2015 of the
Federal Rules of Bankruptcy Procedure and prepared in accordance
with U.S. Trustee Guidelines Region 17.&nbsp; The Utility's monthly
operating report includes an unaudited income statement for the
month and an unaudited balance sheet dated as of the end of the
month.&nbsp; These unaudited financial statements are attached as
an exhibit to this report.&nbsp; Although not included in the
exhibit attached to this report, the monthly operating report filed
with the Bankruptcy Court also includes a statement of receipts and
disbursements, as well as other information.&nbsp; The preliminary
financial statements were prepared using certain assumptions and
estimates that are subject to revision.&nbsp; Any adjustments for
these estimates (based upon changes in facts and circumstances,
further analysis, and other factors) will be reflected in the
financial statements in the period during which such adjustments
are made.&nbsp; These adjustments could have a material impact on
reported results in the future.</font></p>

<p><u><font size="3" face="Times New Roman">Financial
Projections</font></u></p>

<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July 8, 2003, PG&amp;E Corporation and the Utility filed financial
projections relating to the Settlement Plan with the Bankruptcy
Court that are attached to this report as Exhibit 2.</font></p>

<p><u><font size="3" face="Times New Roman">Cautionary Statement
Regarding Forward Looking Statements</font></u></p>

<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
projected financial information attached hereto as Exhibit 2 and
the various assumptions underlying such projections constitute
forward-looking statements which are necessarily subject to various
risks and uncertainties that could cause actual results to differ
materially from those contemplated by the forward looking
statements and financial projections.&nbsp; Some of the factors
that could cause results to differ materially include:</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="629">
<tr>
<td valign="top">
<p align="center"><b><font size="3" face=
"Times New Roman">&nbsp;&nbsp;-</font></b></p>
</td>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">whether the proposed
settlement agreement with the CPUC, and the rates, tariffs and
agreements that it contemplates, are approved by the CPUC after
public hearings, the timing of such approval, and whether any such
approvals are appealed and, if appealed, the timing and resolution
of these appeals;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><b><font size="3" face=
"Times New Roman">&nbsp;&nbsp;-</font></b></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">the outcome and the timing
of the Bankruptcy Court&rsquo;s proceeding to confirm the
Settlement Plan, whether the confirmation order is appealed and, if
appealed, the timing and resolution of these appeals,</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><b><font size="3" face=
"Times New Roman">&nbsp;&nbsp;-</font></b></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">the effect of judicial
decisions on the CPUC's authority to enter into and perform its
obligations under the proposed settlement agreement, including the
California Supreme Court's consideration of the legality of
recovery of under-collected costs by another California utility,
Southern California Edison Company, under a settlement and
stipulated federal court judgment with the CPUC;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><b><font size="3" face=
"Times New Roman">&nbsp;&nbsp;-</font></b></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">prevailing governmental
policies and legislative or regulatory actions generally, including
those of the CPUC and the Federal Energy Regulatory Commission, or
the FERC, industry and rate structure, recovery of investments and
costs, acquisitions and disposal of assets and facilities,
treatment of affiliate contracts and relationships and operation
and construction of facilities;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><b><font size="3" face=
"Times New Roman">&nbsp;&nbsp;-</font></b></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">whether the required
credit ratings to implement the Settlement Plan are
obtained;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><b><font size="3" face=
"Times New Roman">&nbsp;&nbsp;-</font></b></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">the impact of future
ratemaking actions of the CPUC;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><b><font size="3" face=
"Times New Roman">&nbsp;&nbsp;-</font></b></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">future equity or debt
market conditions, future interest rates, future credit ratings,
and other factors that may affect the ability to implement the
Settlement Plan or affect the terms, amount, and value of the debt
securities proposed to be issued under the Settlement
Plan;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><b><font size="3" face=
"Times New Roman">&nbsp;&nbsp;-</font></b></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">unanticipated changes in
operating expenses and capital expenditures;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><b><font size="3" face=
"Times New Roman">&nbsp;&nbsp;-</font></b></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">the level and volatility
of wholesale electricity and natural gas prices and the
Utility&rsquo;s ability to manage and respond to this volatility
successfully;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><b><font size="3" face=
"Times New Roman">&nbsp;&nbsp;-</font></b></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">increased competition as a
result of municipalization of the Utility's distribution assets,
self-generation by its customers and other forms of competition
that may result in stranded investment capital, loss of customer
growth and additional barriers to cost recovery;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><b><font size="3" face=
"Times New Roman">&nbsp;&nbsp;-</font></b></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">changes in the level of
the direct access customer cost responsibility surcharge, as well
as other surcharges related to direct access, and changes to the
current suspension of direct access;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><b><font size="3" face=
"Times New Roman">-</font></b></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">the effect of compliance
with existing and future environmental laws, regulations and
policies;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><b><font size="3" face=
"Times New Roman">&nbsp;&nbsp;-</font></b></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">the inability of various
counterparties to meet their obligations under their power sale
agreements with the Utility or with the California Department of
Water Resources thereby increasing the Utility&rsquo;s risk to
procure additional power to cover the net open position;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><b><font size="3" face=
"Times New Roman">&nbsp;&nbsp;-</font></b></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">the outcome of pending
litigation and rate cases; and</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><b><font size="3" face=
"Times New Roman">&nbsp;&nbsp;-</font></b></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">significant changes in the
Utility&rsquo;s relationship with its employees, including the
retirement of existing employees, the availability of qualified
personnel and the potential adverse effects if labor disputes were
to occur.</font></p>
</td>
</tr>
</table>

<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
particular, the financial projections, attached as Exhibit 2, have
been prepared based upon certain assumptions that PG&amp;E
Corporation and the Utility believes to be reasonable under the
circumstances, taking into account the purpose for which they were
prepared.&nbsp; However, the financial projections were not
prepared with a view toward compliance with the published
guidelines of the Securities and Exchange Commission or the
American Institute of Certified Public Accountants regarding
projections or forecasts.&nbsp; In addition, the financial
projections have not been examined or compiled by the independent
accountants of the Utility or PG&amp;E Corporation.&nbsp; Neither
the Utility nor PG&amp;E Corporation makes any representation as to
the accuracy of the projections or the ability of the reorganized
Utility to achieve the projected results.&nbsp; Many of the
assumptions on which the projections are based are subject to
significant uncertainties.&nbsp; Some assumptions may not
materialize and unanticipated events and circumstances may affect
the actual financial results.&nbsp; Therefore, the actual results
achieved may vary from the projected results and the variations may
be material.</font></p>

<p><b><font size="3" face="Times New Roman"><br clear="all" />
</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="656">
<tr>
<td valign="top">
<p align="center"><font size="3" face=
"Times New Roman">SIGNATURE</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Pursuant to the
requirements of the Securities Exchange Act of 1934 the registrants
have duly caused this report to be signed on their behalf by the
undersigned thereunto duly authorized.</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<table border="0" cellspacing="0" cellpadding="0" width="656">
<tr>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Times New Roman">PG&amp;E
CORPORATION</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">By:&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">BRUCE R. WORTHINGTON<br />
 __________________________________________</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">BRUCE R. WORTHINGTON<br />
 Senior Vice President and General Counsel</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="2" valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Times New Roman">PACIFIC GAS AND ELECTRIC
COMPANY<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">By:&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">DINYAR B. MISTRY<br />
 _________________________________________</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">DINYAR B. MISTRY<br />
 Vice President and Controller</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<table border="0" cellspacing="0" cellpadding="0" width="451">
<tr>
<td valign="top">
<p><font size="3" face=
"Times New Roman">Dated:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 8,
2003</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>
</div>
</body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>mormay03.htm
<DESCRIPTION>MONTHLY OPERATING REPORT
<TEXT>
<html>
<head>
<title>Monthly Operating Report 5/2003</title>
</head>
<body>
<div>
<table border="0" cellspacing="0" cellpadding="0" width="583">
<tr height="17">
<td nowrap colspan="4" height="17" valign="bottom">
<p align="right"><b><font size="2" face=
"Arial">Exhibit&nbsp;&nbsp;1 &nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="4" height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">PACIFIC GAS AND
ELECTRIC COMPANY</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="4" height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">U.S. TRUSTEE
BALANCE SHEET</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="4" height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">AS OF MAY 31,
2003</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="4" height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">(in millions,
except share amounts)</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">May,
2003</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="3" height="17" valign="bottom">
<p><b><font size="2" face="Arial">ASSETS</font></b></p>
</td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap colspan="3" height="17" valign="bottom">
<p><b><font size="2" face="Arial">Current Assets</font></b></p>
</td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Cash and cash equivalents</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face="Arial">&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3,497</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Accounts receivable:</font></p>
</td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Customers (net of allowance for
doubtful accounts of $60 million)</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1,647</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Related parties</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
34</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Regulatory balancing
accounts</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
134</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Inventories:</font></p>
</td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Gas stored underground and fuel
oil</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
148</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Materials and supplies</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
125</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Income taxes receivable</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
125</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Prepaid expenses and
other</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
99</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p><font size="2" face="Arial">Assets from price risk
management</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
- -&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><b><font size="2" face="Arial">Total current
assets</font></b></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><b><u><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,809</font></u></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap colspan="3" height="17" valign="bottom">
<p><b><font size="2" face="Arial">Property, Plant, and
Equipment</font></b></p>
</td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Electric</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
19,951</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Gas</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
8,182</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Construction work in
progress</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><u><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326</font></u></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><b><font size="2" face="Arial">Total property, plant, and
equipment (at original cost)</font></b></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><b><u><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,459</font></u></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Accumulated depreciation and
decommissioning</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><u><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12,649)</font></u></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="3" height="17" valign="bottom">
<p><b><font size="2" face="Arial">Net property, plant, and
equipment</font></b></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><b><u><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,810</font></u></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap colspan="3" height="17" valign="bottom">
<p><b><font size="2" face="Arial">Other Noncurrent
Assets</font></b></p>
</td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Regulatory assets</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1,905</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Nuclear decommissioning trust
funds</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1,353</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Other</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><u><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1,720</font></u></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><b><font size="2" face="Arial">Total noncurrent
assets</font></b></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><u><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4,978</font></u></p>
</td>
</tr>

<tr height="18">
<td nowrap colspan="3" height="18" valign="bottom">
<p><b><font size="2" face="Arial">TOTAL ASSETS</font></b></p>
</td>
<td nowrap height="18" valign="bottom">
<p align="right"><b><font size="2" face="Arial">&nbsp;</font></b>
<b><u><font size="2" face=
"Helvetica">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
26,597</font></u></b></p>
</td>
</tr>

<tr height="18">
<td nowrap height="18" valign="bottom"></td>
<td nowrap height="18" valign="bottom"></td>
<td nowrap height="18" valign="bottom"></td>
<td nowrap height="18" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap colspan="3" height="17" valign="bottom">
<p><b><font size="2" face="Arial">LIABILITIES AND
EQUITY</font></b></p>
</td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap colspan="3" height="17" valign="bottom">
<p><b><font size="2" face="Arial">Liabilities</font></b></p>
</td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Accounts payable</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Trade creditors</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face="Arial">&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
443</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Related parties</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
156</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Regulatory Balancing
Accounts</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
291</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Other</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
278</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">&nbsp;&nbsp; Accrued
taxes</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Rate reduction bonds</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1,305</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p><font size="2" face="Arial">QUID's</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
- -&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Deferred income taxes</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1,591</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Deferred tax credits</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
137</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Asset retirement
obligations</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1,387</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Pre-petition secured debt</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3,031</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Pre-petition liabilities</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3,838</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Pre-petition financing
debt</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5,675</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Other liabilities</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><u><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3,617</font></u></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><b><font size="2" face="Arial">Total liabilities</font></b></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><b><u><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,750</font></u></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap colspan="3" height="17" valign="bottom">
<p><b><font size="2" face="Arial">Preferred Stock With Mandatory
Redemption Provisions</font></b></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
137</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap colspan="3" height="17" valign="bottom">
<p><b><font size="2" face="Arial">Stockholders'
Equity</font></b></p>
</td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Preferred stock without mandatory
redemption provisions</font></p>
</td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Nonredeemable--5% to 6%, outstanding
5,784,825 shares</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
145</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Redeemable--4.36% to 7.04%,
outstanding 5,973,456 shares</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
149</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Common stock, $5 par value,
authorized 800,000,000 shares;</font></p>
</td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">issued 321,314,760 shares</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1,606</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Additional paid in
capital</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1,964</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Reinvested earnings (Accumulated
deficit)</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
846</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><b><font size="2" face="Arial">Total stockholders'
equity</font></b></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><b><u><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,710</font></u></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="18">
<td nowrap colspan="3" height="18" valign="bottom">
<p><b><font size="2" face="Arial">TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY</font></b></p>
</td>
<td nowrap height="18" valign="bottom">
<p align="right"><b><font size="2" face="Arial">&nbsp;
$<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
26,597</u></font></b></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"><br clear="all" />
</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="567">
<tr height="17">
<td nowrap colspan="3" height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">PACIFIC GAS AND
ELECTRIC COMPANY</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="3" height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">U.S. TRUSTEE
BALANCE SHEET</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="3" height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">AS OF MAY 31,
2003</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap colspan="2" height="17" valign="bottom">
<p><b><font size="2" face="Arial">Notes</font></b></p>
</td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="68">
<td height="68" valign="top">
<p><font size="2" face="Arial">1</font></p>
</td>
<td height="68" valign="top"></td>
<td height="68" valign="top">
<p><font size="2" face="Arial">These unaudited financial statements
are prepared for the U.S. Trustee and differ from the requirements
of generally accepted accounting principles in that they exclude
certain financial statements (statements of cash flows,
stockholders equity, and other comprehensive income), relevant
footnotes and certain reclassifications.</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="85">
<td height="85" valign="top">
<p><font size="2" face="Arial">2</font></p>
</td>
<td height="85" valign="top"></td>
<td height="85" valign="top">
<p><font size="2" face="Arial">These unaudited financial statements
were prepared using certain assumptions and estimates.&nbsp; These
assumptions and estimates are subject to revision.&nbsp; Further,
the amounts shown in this statement, when reported on a quarterly
basis, may differ materially due to adjustments in accruals,
changes in facts and circumstances, changes in estimates, further
analysis, and other factors.</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="51">
<td nowrap height="51" valign="top">
<p><font size="2" face="Arial">3</font></p>
</td>
<td nowrap height="51" valign="bottom"></td>
<td height="51" valign="top">
<p><font size="2" face="Arial">Cash and cash equivalents have been
reduced for uncleared checks.&nbsp; On the balance sheet included
with the Utility's Annual Report, Form 10-K and 10-Q, uncleared
checks are treated as an accounts payable liability.</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"><br clear="all" />
</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="671">
<tr height="17">
<td nowrap colspan="4" height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">PACIFIC GAS AND
ELECTRIC COMPANY</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="4" height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">U.S. TRUSTEE
INCOME STATEMENT</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="4" height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">FOR THE MONTH
ENDED MAY 31, 2003</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="4" height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">AND THE TWENTY-SIX
MONTHS ENDED MAY 31, 2003</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="4" height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">(in
millions)</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">&nbsp; Case to
date</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">&nbsp;
Month</font></b></p>
</td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">&nbsp;
twenty-six</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">&nbsp;
ended</font></b></p>
</td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">&nbsp; months
ended</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">May 31,
2003</font></b></p>
</td>
<td height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">May 31,
2003</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">OPERATING REVENUES</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face="Arial">&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
929</font></p>
</td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face="Arial">&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
22,170</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">OPERATING EXPENSES:</font></p>
</td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Cost of Electric Energy</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp; 230</font></p>
</td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2,880</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Cost of Gas</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
109</font></p>
</td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2,633</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Operating and Maintenance</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
232</font></p>
</td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6,000</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Depreciation, Decommissioning, and
Amortization</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><u><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
99</font></u></p>
</td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p align="right"><u><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2,357</font></u></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Total Operating Expenses</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><u><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
670</font></u></p>
</td>
<td nowrap height="17" valign="bottom">
<p><u><font size="2" face="Arial">&nbsp;</font></u></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><u><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
13,870</font></u></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">OPERATING INCOME (LOSS)</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><u><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
259</font></u></p>
</td>
<td nowrap height="17" valign="bottom">
<p><u><font size="2" face="Arial">&nbsp;</font></u></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><u><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
8,300</font></u></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Interest Income (Expense)</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(69)</font></p>
</td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(1,921)</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Professional Fees</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(2)</font></p>
</td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(69)</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Other Income and
(Expense)</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face="Arial">1</font></p>
</td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">PRE-TAX INCOME (LOSS)</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><u><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
189</font></u></p>
</td>
<td nowrap height="17" valign="bottom">
<p><u><font size="2" face="Arial">&nbsp;</font></u></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><u><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6,313</font></u></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Income Taxes</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
71</font></p>
</td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2,401</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">EARNINGS (LOSS)</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face="Arial">&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
118</font></p>
</td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3,912</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Preferred Dividend
Requirement</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2</font></p>
</td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
54</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Cumulative Effect of Change in
Accounting Principle</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
- -</font></p>
</td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="18">
<td nowrap height="18" valign="bottom">
<p><font size="2" face="Arial">EARNINGS (LOSS) AVAILABLE FOR
(ALLOCATED TO) COMMON STOCK</font></p>
</td>
<td nowrap height="18" valign="bottom">
<p align="right"><u><font size="2" face="Arial">&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
116</font></u></p>
</td>
<td nowrap height="18" valign="bottom">
<p><u><font size="2" face="Arial">&nbsp;</font></u></p>
</td>
<td nowrap height="18" valign="bottom">
<p align="right"><u><font size="2" face="Arial">&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3,857</font></u></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"><br clear="all" />
</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="639">
<tr height="17">
<td nowrap colspan="3" height="17" valign="top">
<p align="center"><b><font size="2" face="Arial">PACIFIC GAS AND
ELECTRIC COMPANY</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="3" height="17" valign="top">
<p align="center"><b><font size="2" face="Arial">U.S.&nbsp; TRUSTEE
INCOME STATEMENT</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="3" height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">FOR THE MONTH
ENDED MAY 31, 2003</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="3" height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">AND THE TWENTY-SIX
MONTHS ENDED MAY 31, 2003</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="top"></td>
<td nowrap height="17" valign="top"></td>
<td nowrap height="17" valign="top"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="top"></td>
<td nowrap height="17" valign="top"></td>
<td nowrap height="17" valign="top"></td>
</tr>

<tr height="17">
<td nowrap colspan="2" height="17" valign="top">
<p><b><font size="2" face="Arial">Notes</font></b></p>
</td>
<td nowrap height="17" valign="top">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="top"></td>
<td nowrap height="17" valign="top"></td>
<td nowrap height="17" valign="top"></td>
</tr>

<tr height="68">
<td nowrap height="68" valign="top">
<p><font size="2" face="Arial">1</font></p>
</td>
<td nowrap height="68" valign="top"></td>
<td height="68" valign="top">
<p><font size="2" face="Arial">These unaudited financial statements
are prepared for the U.S. Trustee and differ from the requirements
of generally accepted accounting principles in that they exclude
certain financial statements (statements of cash flows,
stockholders equity, and other comprehensive income), relevant
footnotes and certain reclassifications.</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="top"></td>
<td nowrap height="17" valign="top"></td>
<td nowrap height="17" valign="top"></td>
</tr>

<tr height="85">
<td nowrap height="85" valign="top">
<p><font size="2" face="Arial">2</font></p>
</td>
<td nowrap height="85" valign="top"></td>
<td height="85" valign="top">
<p><font size="2" face="Arial">These unaudited financial statements
were prepared using certain assumptions and estimates.&nbsp; These
assumptions and estimates are subject to revision.&nbsp; Further,
the amounts shown in this statement, when reported on a quarterly
basis, may differ materially due to adjustments in accruals,
changes in facts and circumstances, changes in estimates, further
analysis, and other factors.</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="top"></td>
<td nowrap height="17" valign="top"></td>
<td nowrap height="17" valign="top"></td>
</tr>

<tr height="34">
<td nowrap height="34" valign="top"></td>
<td nowrap height="34" valign="top"></td>
<td height="34" valign="top">
<p><font size="2" face="Arial">The results for the month of May
2003 are not indicative of future earnings.&nbsp; Future earnings
could differ materially.</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="top"></td>
<td nowrap height="17" valign="top"></td>
<td nowrap height="17" valign="top"></td>
</tr>

<tr height="102">
<td nowrap height="102" valign="top">
<p><font size="2" face="Arial">3</font></p>
</td>
<td nowrap height="102" valign="top"></td>
<td height="102" valign="top">
<p><font size="2" face="Arial">These unaudited financial statements
were prepared using certain assumptions and estimates, including
the estimated amount payable to the California Department of Water
Resources (DWR).&nbsp; The estimated amount recorded is subject to
revision and actual results could differ materially.&nbsp; Revenues
collected on behalf of the DWR and the related costs are not
reflected in these unaudited financial statements as Pacific Gas
and Electric Company is a collection agent for the DWR.</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="top"></td>
<td nowrap height="17" valign="top"></td>
<td nowrap height="17" valign="top"></td>
</tr>

<tr height="34">
<td nowrap height="34" valign="top">
<p><font size="2" face="Arial">4</font></p>
</td>
<td nowrap height="34" valign="top"></td>
<td height="34" valign="top">
<p><font size="2" face="Arial">Case to date results reflect the
entire twenty-six month period ended May 31, 2003.&nbsp; The
bankruptcy petition date is April 6, 2001.</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>
</div>
</body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2
<SEQUENCE>3
<FILENAME>exhibit2a.htm
<DESCRIPTION>EXHIBIT C TO DISCLOSURE STATEMENT
<TEXT>
<html>
<head>
<title>REORGANIZED DEBTOR</title>
</head>
<body>
<div>
<p><b><font size="3" face="Times New Roman"></font></b></p>

<p><b><font size="3" face="Times New Roman"></font></b></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td>
<p>&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p align="right"><b><font size="3" face="Times New Roman">Exhibit
2</font></b></p>
</td>
</tr>

<tr>
<td>
<p>&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Times New Roman"><br />
 </font></p>
</td>
</tr>

<tr>
<td>
<p>&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p align="center"><b><u><font size="3" face=
"Times New Roman">EXHIBIT C TO THE DISCLOSURE
STATEMENT</font></u></b></p>
</td>
</tr>

<tr>
<td>
<p>&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Times New Roman"><br />
 </font></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><b><font size="3" face="Times New Roman">Assumptions &ndash;
Nature and Limitations of Projections</font></b></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font size="3" face="Times New Roman">The financial projections
included in the Disclosure Statement depend upon the successful
implementation of the Plan of Reorganization for the Reorganized
Debtor, and the validity of the other assumptions contained
therein.&nbsp; These projections reflect numerous assumptions,
including confirmation and consummation of the Plan in accordance
with its terms, continued access by the Reorganized Debtor to
capital markets, the continued availability of the working capital
facilities contemplated by the Disclosure Statement, the
anticipated future performance of the Reorganized Debtor, certain
assumptions with respect to its competitors, general business and
economic conditions and other matters, many of which are beyond the
control of the Reorganized Debtor.&nbsp; In addition, the risk
factors outlined in the Disclosure Statement and unanticipated
events and circumstances occurring subsequent to the preparation of
the projections may affect the actual financial results of the
Reorganized Debtor.&nbsp; Although the Proponents believe that the
projections are reasonably attainable, variations between the
actual financial results and those projected may occur and may be
material.</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font size="3" face="Times New Roman"><br />
 </font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><b><font size="3" face="Times New Roman">Significant Assumptions
Regarding Plan Consummation</font></b></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font size="3" face="Times New Roman">The Debtor is assuming
that the Plan shall be confirmed by the Bankruptcy Court for the
purposes of these projections.&nbsp; The assumption of Plan
confirmation incorporates the following significant
assumptions:</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<ol start="1" type="1">
<li><font size="3" face="Times New Roman">the holders of claims in
Classes 3a, 3b, 4a, 4c, 4e, 5, 6, and 7 shall have voted to accept
the Plan by the requisite statutory majority or majorities as
provided in section 1126(c) of the Bankruptcy Code or, if any such
class does not accept the Plan, the Bankruptcy Court shall confirm
the Plan under section 1129(b) of the Bankruptcy Code;</font></li>
</ol>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<ol start="2" type="1">
<li><font size="3" face="Times New Roman">no material adverse
effect on the business, assets, operations, property, or condition
(financial or otherwise) of the Debtor or any of its subsidiaries
(other than inactive subsidiaries) shall have occurred and be
continuing;</font></li>
</ol>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<ol start="3" type="1">
<li><font size="3" face="Times New Roman">no material unanticipated
claims shall have been filed or asserted in the Chapter 11
Case;</font></li>
</ol>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<ol start="4" type="1">
<li><font size="3" face="Times New Roman">all necessary regulatory
and governmental approvals shall have been received within the
contemplated timeline;</font></li>
</ol>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<ol start="5" type="1">
<li><font size="3" face="Times New Roman">all financing
transactions contemplated by the Plan shall have been consummated
on the terms contemplated by the Plan and the Disclosure Statement;
and</font></li>
</ol>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<ol start="6" type="1">
<li><font size="3" face="Times New Roman">the Bankruptcy Court
shall have issued the Confirmation Order.</font></li>
</ol>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font size="3" face="Times New Roman"><br />
 </font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><b><font size="3" face="Times New Roman">Significant Assumptions
Regarding the Pre-Consummation Projections</font></b></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><u><font size="3" face="Times New Roman">Cash Balance At
December 31, 2003</font></u></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font size="3" face="Times New Roman">The Debtor expects to have
cash available to reimburse creditors at year-end 2003 of
approximately $2.5 billion.&nbsp; This amount is estimated based on
the current cash balances, and taking into account various cash
impacts through 2003.&nbsp; These impacts include reductions for
restricted funds, outstanding checks and all operating receipts and
disbursements.&nbsp; Capital expenditures included in the forecast
total $1.7 billion in 2003.</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font size="3" face="Times New Roman"><br />
 </font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><u><font size="3" face="Times New Roman">Earnings For
2003</font></u></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font size="3" face="Times New Roman">Earnings during 2003
reflect both earnings from ongoing utility operations, as well as
non-recurring items (including those described as "items affecting
comparability") in the Reorganized Debtor's public filings with the
Securities and Exchange Commission).&nbsp; Starting common equity
balances in 2004 incorporate these earnings.</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font size="3" face="Times New Roman"><br />
 </font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><b><font size="3" face="Times New Roman">Significant Assumptions
Regarding Effective Date Funding of Claims</font></b></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font size="3" face="Times New Roman">As described in detail in
the Plan and Disclosure Statement, claims are funded with a
combination of cash on hand, reinstatement of certain financial
claims such as preferred stock interests and pollution control
bonds in classes 4a, 4b, and 4d, and the cash proceeds of new money
notes.&nbsp; The Reorganized Debtor may also draw on a portion of
its proposed bank facilities to fund claims, depending upon its
seasonal working capital requirements at the actual effective
date.</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font size="3" face="Times New Roman">Claims in Classes 6 and 7
have not been reduced for the impact of any refunds ordered by the
Federal Energy Regulatory Commission (FERC) or settlements of
disputed claims.&nbsp;&nbsp; Because the financial projections
assume full payment of Class 6 and 7 claims, the levels of debt at
the effective date, the size of the Settlement Regulatory Asset,
and customer revenues associated with the Settlement Regulatory
Asset have not been adjusted for any potential reductions in these
claims.</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font size="3" face="Times New Roman"><br />
 </font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><b><font size="3" face="Times New Roman">Structure of the
Reorganized Debtor</font></b></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p>The Reorganized Debtor will remain an integrated electric and
gas utility company serving predominantly retail customers in
Northern and Central California.&nbsp; The Reorganized Debtor will
retain its existing gas and electric distribution, transmission and
customer service assets.</p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p>The Reorganized Debtor will provide distribution customer
services and revenue cycle services, and will provide and
administer public purpose programs for retail electric and gas
customers.</p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p>The Reorganized Debtor will retain the obligation to procure gas
on behalf of its core gas customers and the obligation to procure
power on behalf of its retail electric customers.</p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p>The Reorganized Debtor will assume and retain the bilateral
energy purchase agreements with (a) third party gas suppliers, and
(b) QFs and other third party power suppliers, including the
Irrigation Districts.</p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p>The Reorganized Debtor will retain its electric generation
assets, including the 2,174 MW capacity Diablo Canyon nuclear
plant, its conventional and pumped storage hydro-electric
generating facilities with an aggregate capacity of 3,896 MW, and
two small fossil generating facilities.</p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p>The Reorganized Debtor will remain subject to rate regulation of
the California Public Utilities Commission (CPUC) for its electric
distribution, generation and procurement operations, and for its
gas distribution, procurement, transmission and storage operations,
subject to the terms of the Settlement as incorporated into the
Plan and Confirmation Order.</p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p>The Reorganized Debtor's high voltage electric transmission
assets will provide services for its own retail customers as well
as wholesale market participants, both under the jurisdiction of
the FERC.</p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font size="3" face="Times New Roman"><br />
 </font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><b><font size="3" face="Times New Roman">Income
Statement</font></b></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><u><font size="3" face="Times New Roman">Total Operating
Revenues</font></u></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font size="3" face="Times New Roman">Revenues include customer
payments for electric and gas distribution services, electric
transmission and gas transmission and storage services, electric
and gas energy procurement purchases (excluding California
Department of Water Resources sources of electricity), electric
power generated by the Reorganized Debtor's retained electric
generating facilities, public purpose programs, recovery of the
proposed Settlement Regulatory Asset with associated taxes and
return, and Rate Reduction Bonds.</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<ol start="1" type="1">
<li><font size="3" face="Times New Roman">Electric and Gas Revenues
include base revenues from the 2003 General Rate Case and
subsequent annual attrition proceedings intended to enable the
Reorganized Debtor to recover increased costs due to inflation,
customer growth and ratebase growth.&nbsp; The authorized rate of
return on common equity (ROE) remains at 11.22%.&nbsp; The
authorized common equity ratio equals 48.6% in 2004, and increases
to 52.0% by 2006.&nbsp; Electric annual load growth for bundled
sales approximates 1.4%/year, and gas annual load growth for core
customers approximates 1.0%/year.&nbsp; Electric Direct Access
retail load approximates 9,000 GWh annually (11.4% of total
deliveries in 2004) and is held constant throughout the forecast
period.</font></li>
</ol>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<ol start="2" type="1">
<li><font size="3" face="Times New Roman">Electric Revenues also
include base revenues to enable the Reorganized Debtor to recover
non-fuel operating costs, depreciation, taxes and rate of return on
its retained electric generation assets, as well as revenues to
recover amortization, return, and associated taxes on the
Settlement Regulatory Asset.</font></li>
</ol>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<ol start="3" type="1">
<li><font size="3" face="Times New Roman">Electric and gas
procurement revenues match electric and gas procurement
expenses.&nbsp; Excluded are revenues collected for electric energy
procured by DWR on behalf of the Reorganized Debtor's
customers.&nbsp; Cash revenues (receipts) lag expenses
(disbursements) by the average working capital lag of 16
days.</font></li>
</ol>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<ol start="4" type="1">
<li><font size="3" face="Times New Roman">Electric and Gas Public
Purpose Program Revenue, excluding CARE, total $310 million in 2004
and escalate thereafter. Identical M&amp;O expenses offset these
revenues so there is no impact on earnings or cash from
operations.</font></li>
</ol>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font size="3" face="Times New Roman"><br />
 </font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><u><font size="3" face="Times New Roman">Operating
Expenses</font></u></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<ol start="1" type="1">
<li><font size="3" face="Times New Roman">Total Cost of Energy
includes all electric and gas commodity procured on behalf of
retail electric and gas customers by the Reorganized Debtor.&nbsp;
Electric commodity costs include QF contracts, natural gas fuel for
the Hunters Point and Humboldt power plants, nuclear fuel for the
Diablo Canyon power plant, Irrigation District contracts, and other
commodity procurement and grid management expenses.&nbsp; Excluded
are remittances to DWR for power it procures on behalf of the
Reorganized Debtor's customers and for bond debt
service.</font></li>
</ol>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<ol start="2" type="1">
<li><font size="3" face="Times New Roman">M&amp;O and A&amp;G Costs
include direct M&amp;O Expenses for electric and gas distribution,
transmission, and the Reorganized Debtor's retained generating
assets, A&amp;G costs, public purpose programs and franchise and
uncollectibles expenses.</font></li>
</ol>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<ol start="3" type="1">
<li><font size="3" face="Times New Roman">Depreciation is
calculated for distribution and electric generation assets using
depreciation rates proposed in the Reorganized Debtor's current
2003 Test Year CPUC General Rate Case (GRC).&nbsp; Electric and gas
transmission depreciation reflects depreciation rates used to
develop tariffs currently authorized by the FERC and CPUC,
respectively.&nbsp;&nbsp; Depreciation expense also includes
amortization of the Settlement regulatory asset including its
provision for taxes on recovery of principal.&nbsp;&nbsp; Other
items included in depreciation include provisions for fossil and
nuclear power plant decommissioning.</font></li>
</ol>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<ol start="4" type="1">
<li><font size="3" face="Times New Roman">Property Tax is estimated
at about 1% of net plant.&nbsp; Franchise Fees and Uncollectable
expenses are estimated at about 1% of revenue.</font></li>
</ol>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font size="3" face="Times New Roman"><br />
 </font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><u><font size="3" face="Times New Roman">Interest
Expense</font></u></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font size="3" face="Times New Roman">Interest Expense
(excluding Rate Reduction Bonds) consists mainly of interest on
long-term debt.&nbsp; Interest expense is based on interest rates
of approximately 6.5% for new debt and 4.5% for reinstated
Pollution Control bonds.&nbsp; Borrowing costs are based on the
all-in, effective costs to the Reorganized Debtor.&nbsp;
Corresponding debt balances are net of issuance expenses.&nbsp;
Accordingly, the par value of debt issued will be approximately 1.0
percent higher than the net balances shown.&nbsp;&nbsp; Rate
Reduction Bond interest and the amortization of the net gain or
loss on reacquired debt are shown separately.</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font size="3" face="Times New Roman"><br />
 </font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><u><font size="3" face="Times New Roman">Other
Income</font></u></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font size="3" face="Times New Roman">Other Income is comprised
of "below-the-line" income and expenses, including AFUDC, operating
costs not recoverable in retail rates, and non-recurring
items.</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font size="3" face="Times New Roman"><br />
 </font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><u><font size="3" face="Times New Roman">Income
Taxes</font></u></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font size="3" face="Times New Roman">Income Taxes are
calculated using a 35% federal tax rate and an 8.84% state tax
rate, with a combined tax rate of 40.746%.&nbsp; The book income
tax provision reflects existing regulatory practices for
recognizing the timing of income tax expenses.</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top"></td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><u><font size="3" face=
"Times New Roman">Dividends</font></u></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font size="3" face="Times New Roman">Preferred Dividend
arrearages are paid on the Effective Date.&nbsp; Preferred
dividends are based on an embedded cost of preferred stock of
approximately 6.5%.</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font size="3" face="Times New Roman"><br />
 </font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><b><u><font size="3" color="black" face=
"Times New Roman">Balance Sheet</font></u></b></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><u><font size="3" color="black" face=
"Times New Roman">Assets</font></u></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font size="3" color="black" face="Times New Roman">Generally,
balances of assets and liabilities are either held constant at
their starting level, or are taken as a percentage of a revenue or
expense.&nbsp; Plant in service, construction work in progress,
common stock and long-term debt are dynamic balances, changing as a
function of cash from operations and capital expenditures.&nbsp;
Net plant includes the value of the Reorganized Debtor's retained
generation facilities under cost of service regulation per Advice
Letter 2233-E implementing D.02-04-016, as per the Settlement, Plan
and Confirmation Order and as expected to be further modified
through normal depreciation, additions, and retirements.&nbsp; Cash
balances are held constant at an initial level for restricted funds
and check float.</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><u><font size="3" color="black" face=
"Times New Roman">Capitalization</font></u></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font size="3" color="black" face="Times New Roman">Short-term
debt is used to fund seasonal working capital requirements and
natural gas storage inventory.&nbsp; Any subsequent surplus cash is
used for debt retirement or distribution to common shareholders in
amounts necessary to achieve and then maintain the target capital
structure.&nbsp; For the Reorganized Debtor, the targeted common
equity to total long-term capitalization ratio is 52% (excluding
rate reduction bonds and short-term debt used to finance seasonal
working capital requirements or natural gas storage
inventory).</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font size="3" face="Times New Roman"><br />
 </font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><b><u><font size="3" color="black" face="Times New Roman">Cash
Flow Statement</font></u></b></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<ol start="1" type="1">
<li><font size="3" color="black" face="Times New Roman">Cash from
operations is estimated by adding back depreciation and deferred
taxes to net income, plus changes in working capital.&nbsp;
Seasonal variations in receipts and reimbursements will cause these
average requirements to fluctuate within a range of approximately
+/- $300 million.</font></li>
</ol>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<ol start="2" type="1">
<li><font size="3" color="black" face="Times New Roman">Subsequent
to the Effective Date, the Reorganized Debtor manages its capital
structure such that it achieves an overall ratio of common equity
to total capitalization of 52% within two years, and then maintains
that common equity ratio over time.&nbsp; Reorganized Debtor
commences cash distributions to common shareholders (shown as
common stock repurchases) when it reaches its target capital
structure in the second half of 2005.&nbsp; Subsequently,
Reorganized Debtor issues or repurchases debt and common equity
annually in order to maintain this capital structure.</font></li>
</ol>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman"></font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr height="51">
<td nowrap height="51" valign="bottom">
<p><b><font size="2" face="Times New Roman">REORGANIZED
DEBTOR</font></b></p>
</td>
<td nowrap height="51" valign="bottom"></td>
<td nowrap height="51" valign="bottom">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;</font></p>
</td>
<td nowrap height="51" valign="bottom"></td>
<td nowrap height="51" valign="bottom">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;</font></p>
</td>
<td nowrap height="51" valign="bottom"></td>
<td nowrap height="51" valign="bottom">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;</font></p>
</td>
<td nowrap height="51" valign="bottom"></td>
<td nowrap height="51" valign="bottom">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;</font></p>
</td>
<td nowrap height="51" valign="bottom"></td>
<td nowrap height="51" valign="bottom">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;</font></p>
</td>
<td nowrap height="51" valign="bottom"></td>
</tr>

<tr height="16">
<td nowrap height="16" valign="bottom"></td>
<td nowrap height="16" valign="bottom">
<p align="right"><b><u><font size="1" face=
"Times New Roman">12/31/2003</font></u></b></p>
</td>
<td nowrap height="16" valign="bottom"></td>
<td nowrap height="16" valign="bottom">
<p align="right"><b><u><font size="1" face=
"Times New Roman">12/31/2004</font></u></b></p>
</td>
<td nowrap height="16" valign="bottom"></td>
<td nowrap height="16" valign="bottom">
<p align="right"><b><u><font size="1" face=
"Times New Roman">12/31/2005</font></u></b></p>
</td>
<td nowrap height="16" valign="bottom"></td>
<td nowrap height="16" valign="bottom">
<p align="right"><b><u><font size="1" face=
"Times New Roman">12/31/2006</font></u></b></p>
</td>
<td nowrap height="16" valign="bottom"></td>
<td nowrap height="16" valign="bottom">
<p align="right"><b><u><font size="1" face=
"Times New Roman">12/31/2007</font></u></b></p>
</td>
<td nowrap height="16" valign="bottom"></td>
<td nowrap height="16" valign="bottom">
<p align="right"><b><u><font size="1" face=
"Times New Roman">12/31/2008</font></u></b></p>
</td>
</tr>

<tr height="16">
<td nowrap height="16" valign="bottom"></td>
<td nowrap colspan="11" height="16" valign="bottom">
<p align="center"><b><font size="1" face=
"Times New Roman">($Millions)</font></b></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><b><font size="2" face="Times New Roman">INCOME
STATEMENT</font></b></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Total Operating
Revenues*&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">10554.6</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">10780.1</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">10813.5</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">11056.2</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">11178.3</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><i><font size="2" face="Times New Roman">Operating
Expenses</font></i></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Total Cost of
Energy*&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3296.4</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3322.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3176.6</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3228.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3458.0</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">M&amp;O and A&amp;G
Costs&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.&hellip;....</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3119.1</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3154.9</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3201.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3279.7</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3354.2</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Depreciation &amp;
Decommissioning&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1429.1</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1512.1</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1578.8</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1683.2</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1788.5</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Property &amp; Other
Taxes&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..&hellip;&hellip;</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">166.8</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">172.7</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">177.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">179.7</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">181.4</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">RRB Asset
Amortization&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">290.2</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">289.7</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">289.7</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">289.7</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">(0.4)</font></u></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Total Operating
Expenses&hellip;&hellip;&hellip;&hellip;.&hellip;..&hellip;..</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">8301.5</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">8451.4</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">8423.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">8660.3</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">8781.7</font></p>
</td>
</tr>

<tr height="11">
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Operating
Income&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2253.1</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2328.7</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2390.5</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2395.8</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2396.6</font></p>
</td>
</tr>

<tr height="11">
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Total Interest
Income&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">13.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">13.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">13.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">13.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">13.0</font></p>
</td>
</tr>

<tr height="11">
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Interest Expense (Excl
RRBs)&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">574.4</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">554.6</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">552.3</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">558.7</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">561.9</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Amortization of Loss on
Reacquired Debt</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">24.6</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">24.6</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">24.6</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">24.6</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">24.6</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">RRB
Interest&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..&hellip;&hellip;&hellip;..</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">68.9</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">50.3</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">31.5</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">12.1</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">0.0</font></u></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Total Interest
Expense&hellip;&hellip;&hellip;.&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">667.9</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">629.5</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">608.4</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">595.4</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">586.5</font></p>
</td>
</tr>

<tr height="11">
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Other
Income&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.&hellip;&hellip;&hellip;&hellip;&hellip;..</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(6.7)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(7.9)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(13.5)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(14.6)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(14.7)</font></p>
</td>
</tr>

<tr height="11">
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Pretax
Income&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1591.5</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1704.3</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1781.6</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1798.9</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1808.4</font></p>
</td>
</tr>

<tr height="11">
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Total Booked Income
Taxes&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">678.4</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">722.2</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">757.1</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">765.3</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">772.0</font></p>
</td>
</tr>

<tr height="11">
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Preferred Dividend
Req&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">24.7</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">24.2</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">23.2</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">23.5</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">24.5</font></p>
</td>
</tr>

<tr height="11">
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Total Earnings Avail for
Common&hellip;&hellip;.&hellip;&hellip;&hellip;</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">888.3</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">957.9</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1001.2</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1010.2</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1011.9</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face=
"Times New Roman">___________________</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="33">
<td nowrap colspan="2" height="33" valign="top">
<p><font size="1" face="Times New Roman">* Excludes Receipts and
Disbursements for CDWR Procurement.</font></p>
</td>
<td nowrap height="33" valign="bottom"></td>
<td nowrap height="33" valign="bottom"></td>
<td nowrap height="33" valign="bottom"></td>
<td nowrap height="33" valign="bottom"></td>
<td nowrap height="33" valign="bottom"></td>
<td nowrap height="33" valign="bottom"></td>
<td nowrap height="33" valign="bottom"></td>
<td nowrap height="33" valign="bottom"></td>
<td nowrap height="33" valign="bottom"></td>
<td nowrap height="33" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><b><u><font size="1" face=
"Times New Roman">12/31/2003</font></u></b></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><b><u><font size="1" face=
"Times New Roman">12/31/2004</font></u></b></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><b><u><font size="1" face=
"Times New Roman">12/31/2005</font></u></b></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><b><u><font size="1" face=
"Times New Roman">12/31/2006</font></u></b></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><b><u><font size="1" face=
"Times New Roman">12/31/2007</font></u></b></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><b><u><font size="1" face=
"Times New Roman">12/31/2008</font></u></b></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom"></td>
<td nowrap colspan="11" height="20" valign="bottom">
<p align="center"><b><font size="1" face=
"Times New Roman">($Millions)</font></b></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><b><font size="2" face="Times New Roman">BALANCE
SHEET</font></b></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><i><font size="2" face="Times New Roman">Assets</font></i></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Plant in
Service&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">28965.8</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">30405.9</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">32014.5</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">33289.9</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">34653.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">36043.7</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Accumulated
Depr&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">(13142.6)</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">(14064.7)</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">(14992.4)</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">(15920.4)</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">(16904.0)</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">(17938.0)</font></u></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Net
Plant&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">15823.2</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">16341.3</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">17022.1</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">17369.4</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">17749.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">18105.7</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Construction Work In
Progress&hellip;&hellip;.&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">318.3</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">359.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">292.1</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">291.4</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">291.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">306.9</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Nuclear Decommissioning
Trust Fund</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1376.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1406.6</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1437.3</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1467.9</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1498.6</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1529.2</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Other Noncurrent
Assets&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.&hellip;</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">65.1</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">65.1</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">65.1</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">65.1</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">65.1</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">65.1</font></u></p>
</td>
</tr>

<tr height="26">
<td nowrap height="26" valign="bottom">
<p><font size="2" face="Times New Roman">Total Long-term
Assets&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..&hellip;&hellip;.</font></p>
</td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">17582.6</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">18172.1</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">18816.6</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">19193.9</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">19603.7</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">20007.0</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><i><font size="2" face="Times New Roman">Current
Assets:</font></i></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Short-term Investments
(Net) &hellip;&hellip;&hellip;&hellip;&hellip;..&hellip;</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">433.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">433.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">433.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">433.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">433.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">433.0</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Accounts
Receivable&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.&hellip;&hellip;</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1671.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1668.3</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1691.9</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1686.3</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1721.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1741.5</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Balancing Accts Receivable
&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">85.4</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">85.4</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">85.5</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">85.6</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">85.6</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">85.7</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Inventory - Fuels
&hellip;..&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">358.8</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">391.8</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">381.1</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">352.9</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">343.6</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">355.2</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Inventory - M&amp;S
...&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">127.7</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">129.5</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">131.2</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">132.9</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">134.6</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">136.3</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Prepayments &amp; Adv to
Gas Prod&hellip;&hellip;&hellip;&hellip;&hellip;</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">80.7</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">80.7</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">80.7</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">80.7</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">80.7</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">80.7</font></u></p>
</td>
</tr>

<tr height="26">
<td nowrap height="26" valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp; Total Current
Assets&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.&hellip;.</font></p>
</td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2756.6</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2788.7</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2803.3</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2771.3</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2798.5</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2832.3</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><i><font size="2" face="Times New Roman">Deferred
Charges:</font></i></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Expense Deferral
(Regulatory Asset)</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1241.8</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">951.6</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">662.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">372.4</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">82.7</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">83.2</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Regulatory
Assets&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2210.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2068.1</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1907.4</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1725.4</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1519.3</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1286.0</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">URG Regulatory
Assets&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;...</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">793.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">747.5</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">702.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">656.5</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">611.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">565.5</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Regulatory Assets Def
Tax&hellip;&hellip;&hellip;&hellip;&hellip;..&hellip;&hellip;</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2065.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1936.1</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1794.4</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1637.9</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1464.9</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1273.2</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Other Deferred
Charges&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">1750.9</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">1719.5</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">1688.1</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">1656.7</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">1625.3</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">1593.9</font></u></p>
</td>
</tr>

<tr height="26">
<td nowrap height="26" valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp; Total Deferred
Charges&hellip;&hellip;.&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">8060.7</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">7422.9</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">6753.8</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">6048.8</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">5303.2</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">4801.7</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">TOTAL
ASSETS&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">28399.9</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">28383.6</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">28373.8</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">28014.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">27705.4</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">27641.1</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><b><u><font size="1" face=
"Times New Roman">12/31/2003</font></u></b></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><b><u><font size="1" face=
"Times New Roman">12/31/2004</font></u></b></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><b><u><font size="1" face=
"Times New Roman">12/31/2005</font></u></b></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><b><u><font size="1" face=
"Times New Roman">12/31/2006</font></u></b></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><b><u><font size="1" face=
"Times New Roman">12/31/2007</font></u></b></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><b><u><font size="1" face=
"Times New Roman">12/31/2008</font></u></b></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom"></td>
<td nowrap colspan="11" height="20" valign="bottom">
<p align="center"><b><font size="1" face=
"Times New Roman">($Millions)</font></b></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><i><font size="2" face=
"Times New Roman">Capitalization:</font></i></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Common Stock
Equity&hellip;&hellip;&hellip;&hellip;..&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">7971.4</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">8859.8</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">9512.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">9591.7</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">9683.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">9689.6</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Preferred Stock (incl
QUIDS)&hellip;&hellip;..&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">416.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">412.9</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">406.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">399.1</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">424.7</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">421.6</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">RRBs
Outstanding&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1160.3</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">870.2</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">580.1</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">290.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Other Long-term
Debt&hellip;&hellip;&hellip;&hellip;&hellip;..&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">8841.2</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">8799.0</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">8374.0</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">8454.4</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">8513.3</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">8522.4</font></u></p>
</td>
</tr>

<tr height="26">
<td nowrap height="26" valign="bottom">
<p><font size="2" face="Times New Roman">Total
Capitalization&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.&hellip;.&hellip;.</font></p>
</td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">18389.0</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">18941.8</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">18872.1</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">18735.1</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">18621.0</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">18633.6</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><i><font size="2" face="Times New Roman">Current
Liabilities:</font></i></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Short-Term Borrowings
..&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">500.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(0.0)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">215.2</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">198.1</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">198.8</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">219.3</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Accounts Payable -
Creditors ..&hellip;&hellip;&hellip;.&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">859.2</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">841.5</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">843.1</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">825.9</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">840.9</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">874.4</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Accounts Payable -
Affiliates ..&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Balancing Accounts Payable
&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">141.2</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">140.2</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">139.3</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">138.4</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">137.6</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">136.7</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Accrued Taxes Payable
&hellip;&hellip;&hellip;&hellip;&hellip;.&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">325.6</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">344.7</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">360.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">363.8</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">367.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">357.3</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Interest Payable
&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">17.9</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">35.1</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">49.1</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">48.2</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">48.8</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">49.1</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Dividends Payable
&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Other Current
Liabilities&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..&hellip;&hellip;</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">577.7</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">577.7</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">577.7</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">577.7</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">577.7</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">577.7</font></u></p>
</td>
</tr>

<tr height="26">
<td nowrap height="26" valign="bottom">
<p><font size="2" face="Times New Roman">Total Current Liabilities
&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.&hellip;&hellip;</font></p>
</td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2421.6</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1939.1</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2184.4</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2152.1</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2170.8</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2214.6</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap colspan="2" height="20" valign="bottom">
<p><i><font size="2" face="Times New Roman">Deferred Credits and
Other NC Liabilities:</font></i></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Deferred Income
Taxes&hellip;&hellip;&hellip;&hellip;&hellip;.&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3240.5</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3137.3</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2924.6</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2708.2</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2467.3</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2320.9</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Deferred
ITC&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">140.9</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">134.7</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">128.5</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">122.3</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">116.1</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">109.9</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Noncurrent Balancing Acct
Liab&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Customer Advances for
Construction&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">132.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">123.9</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">126.8</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">128.3</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">131.7</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">133.0</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Other Deferred
Credits&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1787.8</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1787.8</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1787.8</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1787.8</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1787.8</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1787.8</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Other Noncurrent
Liab.&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">2288.1</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">2318.9</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">2349.6</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">2380.2</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">2410.7</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">2441.4</font></u></p>
</td>
</tr>

<tr height="26">
<td nowrap height="26" valign="bottom">
<p><font size="2" face="Times New Roman">Total Deferred Credits
&amp; NC Liab&hellip;&hellip;&hellip;&hellip;</font></p>
</td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">7589.4</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">7502.7</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">7317.3</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">7126.8</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">6913.6</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">6792.9</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">TOTAL CAPITAL &amp;
LIABILITIES&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">28399.9</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">28383.6</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">28373.8</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">28014.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">27705.4</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">27641.1</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><b><u><font size="1" face=
"Times New Roman">12/31/2003</font></u></b></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><b><u><font size="1" face=
"Times New Roman">12/31/2004</font></u></b></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><b><u><font size="1" face=
"Times New Roman">12/31/2005</font></u></b></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><b><u><font size="1" face=
"Times New Roman">12/31/2006</font></u></b></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><b><u><font size="1" face=
"Times New Roman">12/31/2007</font></u></b></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><b><u><font size="1" face=
"Times New Roman">12/31/2008</font></u></b></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom"></td>
<td nowrap colspan="11" height="20" valign="bottom">
<p align="center"><b><font size="1" face=
"Times New Roman">($Millions)</font></b></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><b><font size="2" face="Times New Roman">CASH FLOW
STATEMENT</font></b></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><i><font size="2" face="Times New Roman">Cash Flows From
Operations:</font></i></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Net
Income&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">913.1</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">982.1</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1024.4</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1033.7</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1036.4</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face=
"Times New Roman">Depreciation&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1423.1</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1506.1</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1572.7</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1677.2</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1782.4</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Change in Deferred
Taxes&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(109.4)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(218.9)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(222.6)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(247.2)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(152.6)</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Change in Accts
Receivable&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2.8</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(23.7)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">5.7</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(34.8)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(20.5)</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Change in
Inventories&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(34.8)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">9.1</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">26.4</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">7.6</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(13.3)</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Change in Accts
Payable&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(17.7)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1.6</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(17.2)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">15.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">33.5</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Change in Accrued Taxes
Payable&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">19.1</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">15.3</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3.8</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3.2</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(9.7)</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Change in Bal Accts &amp;
Reg Asset Amort&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">289.2</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">288.7</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">288.7</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">288.7</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(1.4)</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Change in Other Working
Capital&hellip;&hellip;&hellip;.&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">13.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">14.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(0.9)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.5</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.4</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Other Net Cash from
Operations&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">83.1</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">99.4</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">97.0</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">93.0</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">95.1</font></u></p>
</td>
</tr>

<tr height="26">
<td nowrap height="26" valign="bottom">
<p><font size="2" face="Times New Roman">Net Cash from
Operations&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;</font></p>
</td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2581.4</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2673.7</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2778.2</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2837.1</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2750.3</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><i><font size="2" face="Times New Roman">Investing
Activities:</font></i></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Capital
Expenditures&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(1694.8)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(1806.4)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(1568.8)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(1659.3)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(1716.5)</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Other Net Investing
Activities&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(30.6)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(30.6)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(30.6)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(30.6)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(30.6)</font></p>
</td>
</tr>

<tr height="26">
<td nowrap height="26" valign="bottom">
<p><font size="2" face="Times New Roman">Net Cash Used In
Investing&hellip;&hellip;&hellip;&hellip;.&hellip;&hellip;&hellip;</font></p>
</td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(1725.4)</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(1837.1)</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(1599.4)</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(1689.9)</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(1747.2)</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><i><font size="2" face="Times New Roman">Financing
Activities:</font></i></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Common Stock Issued
(Repurchased) ..&hellip;..&hellip;</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(305.6)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(921.6)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(918.8)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(1005.3)</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Preferred Stock
Issued&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;...</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">85.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Preferred Stock
redeemed&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(3.1)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(6.9)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(6.9)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(59.4)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(3.1)</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Long-term Debt
issued&hellip;&hellip;&hellip;&hellip;..&hellip;&hellip;&hellip;&hellip;&hellip;</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(42.1)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(425.0)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">80.3</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">58.9</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">9.1</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Long-term Debt
matured/redeemed&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Long-term Debt
purch/sinking&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">RRB Principal
Repayments&hellip;&hellip;&hellip;&hellip;&hellip;..&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(290.1)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(290.1)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(290.1)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(290.1)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Change in Short-term
Position&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(500.0)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">215.2</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(17.1)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.7</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">20.5</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Dividends
Disbursed&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(20.6)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(24.3)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(23.4)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(23.5)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(24.4)</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Other Net Financing
Activities&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">0.0</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">0.0</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">0.0</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">0.0</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">0.0</font></u></p>
</td>
</tr>

<tr height="26">
<td nowrap height="26" valign="bottom">
<p><font size="2" face="Times New Roman">Net Cash Used In
Financing&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(856.0)</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(836.7)</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(1178.7)</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(1147.1)</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(1003.2)</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Net Change in
Cash&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" color="white" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">(0.0)</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr height="22">
<td nowrap height="22" valign="bottom"></td>
<td nowrap height="22" valign="bottom">
<p align="right"><b><u><font size="1" face=
"Times New Roman">12/31/2003</font></u></b></p>
</td>
<td nowrap height="22" valign="bottom"></td>
<td nowrap height="22" valign="bottom">
<p align="right"><b><u><font size="1" face=
"Times New Roman">12/31/2004</font></u></b></p>
</td>
<td nowrap height="22" valign="bottom"></td>
<td nowrap height="22" valign="bottom">
<p align="right"><b><u><font size="1" face=
"Times New Roman">12/31/2005</font></u></b></p>
</td>
<td nowrap height="22" valign="bottom"></td>
<td nowrap height="22" valign="bottom">
<p align="right"><b><u><font size="1" face=
"Times New Roman">12/31/2006</font></u></b></p>
</td>
<td nowrap height="22" valign="bottom"></td>
<td nowrap height="22" valign="bottom">
<p align="right"><b><u><font size="1" face=
"Times New Roman">12/31/2007</font></u></b></p>
</td>
<td nowrap height="22" valign="bottom"></td>
<td nowrap height="22" valign="bottom">
<p align="right"><b><u><font size="1" face=
"Times New Roman">12/31/2008</font></u></b></p>
</td>
</tr>

<tr height="22">
<td nowrap height="22" valign="bottom"></td>
<td nowrap colspan="11" height="22" valign="bottom">
<p align="center"><b><font size="1" face=
"Times New Roman">($Millions)</font></b></p>
</td>
</tr>

<tr height="22">
<td nowrap height="22" valign="bottom">
<p><b><font size="2" face="Times New Roman">SUPPLEMENTAL
INFORMATION</font></b></p>
</td>
<td nowrap height="22" valign="bottom"></td>
<td nowrap height="22" valign="bottom"></td>
<td nowrap height="22" valign="bottom"></td>
<td nowrap height="22" valign="bottom"></td>
<td nowrap height="22" valign="bottom"></td>
<td nowrap height="22" valign="bottom"></td>
<td nowrap height="22" valign="bottom"></td>
<td nowrap height="22" valign="bottom"></td>
<td nowrap height="22" valign="bottom"></td>
<td nowrap height="22" valign="bottom"></td>
<td nowrap height="22" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><i><font size="2" face="Times New Roman">Revenues</font></i></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap colspan="3" height="20" valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;Gas&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2532.2</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2611.6</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2540.9</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2650.1</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2863.2</font></p>
</td>
</tr>

<tr height="20">
<td nowrap colspan="3" height="20" valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;Public
Purpose&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">313.4</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">322.4</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">331.5</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">341.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">350.7</font></p>
</td>
</tr>

<tr height="20">
<td nowrap colspan="3" height="20" valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;Electric&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">7708.9</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">7846.2</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">7941.0</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">8065.1</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">7964.4</font></u></p>
</td>
</tr>

<tr height="26">
<td nowrap colspan="3" height="26" valign="bottom">
<p><font size="2" face="Times New Roman">Total from Inc
Stmt&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">10554.6</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">10780.1</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">10813.5</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">11056.2</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">11178.3</font></p>
</td>
</tr>

<tr height="6">
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><i><font size="2" face="Times New Roman">Energy
Costs</font></i></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap colspan="3" height="20" valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp; Gas
Procurement&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1052.3</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1067.4</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">939.5</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1006.1</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1181.8</font></p>
</td>
</tr>

<tr height="20">
<td nowrap colspan="3" height="20" valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp; Nuclear Fuel
+ Hydro Water + ID Payments&hellip;&hellip;..&hellip;</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">140.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">144.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">145.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">147.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">148.0</font></p>
</td>
</tr>

<tr height="20">
<td nowrap colspan="3" height="20" valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp; QF
Payments&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1560.6</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1546.3</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1466.3</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1342.1</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1322.5</font></p>
</td>
</tr>

<tr height="20">
<td nowrap colspan="3" height="20" valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp; Third Party
Bilats&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">0.0</font></p>
</td>
</tr>

<tr height="20">
<td nowrap colspan="3" height="20" valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp; Net
Open&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..&hellip;</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">349.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">291.2</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">337.1</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">401.8</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">434.9</font></p>
</td>
</tr>

<tr height="24">
<td nowrap colspan="3" height="24" valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp; Other Gen
Costs<sup>1</sup>&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="24" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">194.5</font></u></p>
</td>
<td nowrap height="24" valign="bottom"></td>
<td nowrap height="24" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">273.1</font></u></p>
</td>
<td nowrap height="24" valign="bottom"></td>
<td nowrap height="24" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">288.7</font></u></p>
</td>
<td nowrap height="24" valign="bottom"></td>
<td nowrap height="24" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">331.0</font></u></p>
</td>
<td nowrap height="24" valign="bottom"></td>
<td nowrap height="24" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">370.8</font></u></p>
</td>
</tr>

<tr height="26">
<td nowrap colspan="3" height="26" valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp; Total from
Inc
Stmt&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..</font></p>
</td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3296.4</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3322.0</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3176.6</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3228.0</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3458.0</font></p>
</td>
</tr>

<tr height="6">
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><i><font size="2" face="Times New Roman">M&amp;O and A&amp;G
Costs</font></i></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap colspan="3" height="20" valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;Gas&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">702.5</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">724.2</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">741.5</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">764.5</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">784.1</font></p>
</td>
</tr>

<tr height="20">
<td nowrap colspan="3" height="20" valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;Public
Purpose&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">310.2</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">319.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">328.1</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">337.5</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">347.1</font></p>
</td>
</tr>

<tr height="20">
<td nowrap colspan="3" height="20" valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;Electric&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">2106.3</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">2111.6</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">2131.4</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">2177.8</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">2223.0</font></u></p>
</td>
</tr>

<tr height="26">
<td nowrap colspan="3" height="26" valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;Total from Inc
Stmt&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3119.1</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3154.9</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3201.0</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3279.7</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3354.2</font></p>
</td>
</tr>

<tr height="6">
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><i><font size="2" face="Times New Roman">Depreciation &amp;
Decommissioning</font></i></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap colspan="3" height="20" valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;Gas&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">282.7</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">296.4</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">311.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">327.2</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">339.6</font></p>
</td>
</tr>

<tr height="24">
<td nowrap colspan="3" height="24" valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;Electric<sup>2</sup>&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="24" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">1171.0</font></u></p>
</td>
<td nowrap height="24" valign="bottom"></td>
<td nowrap height="24" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">1240.3</font></u></p>
</td>
<td nowrap height="24" valign="bottom"></td>
<td nowrap height="24" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">1292.3</font></u></p>
</td>
<td nowrap height="24" valign="bottom"></td>
<td nowrap height="24" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">1380.6</font></u></p>
</td>
<td nowrap height="24" valign="bottom"></td>
<td nowrap height="24" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">1473.5</font></u></p>
</td>
</tr>

<tr height="26">
<td nowrap colspan="3" height="26" valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;Total from Inc
Stmt&hellip;&hellip;&hellip;&hellip;&hellip;.&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;</font></p>
</td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1453.7</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1536.7</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1603.4</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1707.8</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1813.1</font></p>
</td>
</tr>

<tr height="11">
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><i><font size="2" face="Times New Roman">Property &amp; Other
Taxes</font></i></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap colspan="3" height="20" valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;Gas&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">39.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">40.1</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">41.4</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">42.1</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">42.3</font></p>
</td>
</tr>

<tr height="20">
<td nowrap colspan="3" height="20" valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;Electric&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">127.8</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">132.7</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">135.5</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">137.6</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">139.1</font></u></p>
</td>
</tr>

<tr height="26">
<td nowrap colspan="3" height="26" valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;Total from Inc
Stmt&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">166.8</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">172.7</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">177.0</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">179.7</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">181.4</font></p>
</td>
</tr>

<tr height="6">
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><i><font size="2" face="Times New Roman">Average Annual Rate
Base</font></i></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap colspan="3" height="20" valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;Gas&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3650.1</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3784.6</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3903.5</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3911.1</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3940.7</font></p>
</td>
</tr>

<tr height="20">
<td nowrap colspan="3" height="20" valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;Electric&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">10358.0</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">10717.1</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">11044.2</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">11307.3</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">11546.0</font></p>
</td>
</tr>

<tr height="20">
<td nowrap colspan="3" height="20" valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;URG Regulatory
Asset&hellip;&hellip;&hellip;&hellip;.&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">770.3</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">724.8</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">679.3</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">633.8</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">588.3</font></p>
</td>
</tr>

<tr height="20">
<td nowrap colspan="3" height="20" valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;Settlement
Regulatory
Asset&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2139.1</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1987.8</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1816.4</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1622.4</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">1402.7</font></p>
</td>
</tr>

<tr height="6">
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
<td nowrap height="6" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><i><font size="2" face="Times New Roman">Authorized Capital
Structure</font></i></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="19">
<td nowrap colspan="3" height="19" valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;%
Debt&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="19" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">49.1%</font></p>
</td>
<td nowrap height="19" valign="bottom"></td>
<td nowrap height="19" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">47.3%</font></p>
</td>
<td nowrap height="19" valign="bottom"></td>
<td nowrap height="19" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">45.8%</font></p>
</td>
<td nowrap height="19" valign="bottom"></td>
<td nowrap height="19" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">45.7%</font></p>
</td>
<td nowrap height="19" valign="bottom"></td>
<td nowrap height="19" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">45.7%</font></p>
</td>
</tr>

<tr height="19">
<td nowrap colspan="3" height="19" valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;%
Preferred&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="19" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2.3%</font></p>
</td>
<td nowrap height="19" valign="bottom"></td>
<td nowrap height="19" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2.2%</font></p>
</td>
<td nowrap height="19" valign="bottom"></td>
<td nowrap height="19" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2.2%</font></p>
</td>
<td nowrap height="19" valign="bottom"></td>
<td nowrap height="19" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2.3%</font></p>
</td>
<td nowrap height="19" valign="bottom"></td>
<td nowrap height="19" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2.3%</font></p>
</td>
</tr>

<tr height="19">
<td nowrap colspan="3" height="19" valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;%
Equity&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="19" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">48.6%</font></u></p>
</td>
<td nowrap height="19" valign="bottom"></td>
<td nowrap height="19" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">50.5%</font></u></p>
</td>
<td nowrap height="19" valign="bottom"></td>
<td nowrap height="19" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">52.0%</font></u></p>
</td>
<td nowrap height="19" valign="bottom"></td>
<td nowrap height="19" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">52.0%</font></u></p>
</td>
<td nowrap height="19" valign="bottom"></td>
<td nowrap height="19" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">52.0%</font></u></p>
</td>
</tr>

<tr height="19">
<td nowrap height="19" valign="bottom"></td>
<td nowrap height="19" valign="bottom"></td>
<td nowrap height="19" valign="bottom"></td>
<td nowrap height="19" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">100.0%</font></p>
</td>
<td nowrap height="19" valign="bottom"></td>
<td nowrap height="19" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">100.0%</font></p>
</td>
<td nowrap height="19" valign="bottom"></td>
<td nowrap height="19" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">100.0%</font></p>
</td>
<td nowrap height="19" valign="bottom"></td>
<td nowrap height="19" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">100.0%</font></p>
</td>
<td nowrap height="19" valign="bottom"></td>
<td nowrap height="19" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">100.0%</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><i><font size="2" face="Times New Roman">Authorized Cost of
Capital</font></i></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="19">
<td nowrap colspan="3" height="19" valign="bottom">
<p><font size="2" face=
"Times New Roman">Debt*&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="19" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">6.25%</font></p>
</td>
<td nowrap height="19" valign="bottom"></td>
<td nowrap height="19" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">6.28%</font></p>
</td>
<td nowrap height="19" valign="bottom"></td>
<td nowrap height="19" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">6.31%</font></p>
</td>
<td nowrap height="19" valign="bottom"></td>
<td nowrap height="19" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">6.34%</font></p>
</td>
<td nowrap height="19" valign="bottom"></td>
<td nowrap height="19" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">6.34%</font></p>
</td>
</tr>

<tr height="19">
<td nowrap colspan="3" height="19" valign="bottom">
<p><font size="2" face=
"Times New Roman">Preferred*&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.&hellip;&hellip;.</font></p>
</td>
<td nowrap height="19" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">6.50%</font></p>
</td>
<td nowrap height="19" valign="bottom"></td>
<td nowrap height="19" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">6.50%</font></p>
</td>
<td nowrap height="19" valign="bottom"></td>
<td nowrap height="19" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">6.50%</font></p>
</td>
<td nowrap height="19" valign="bottom"></td>
<td nowrap height="19" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">6.50%</font></p>
</td>
<td nowrap height="19" valign="bottom"></td>
<td nowrap height="19" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">6.50%</font></p>
</td>
</tr>

<tr height="19">
<td nowrap colspan="3" height="19" valign="bottom">
<p><font size="2" face=
"Times New Roman">Equity&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="19" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">11.20%</font></p>
</td>
<td nowrap height="19" valign="bottom"></td>
<td nowrap height="19" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">11.20%</font></p>
</td>
<td nowrap height="19" valign="bottom"></td>
<td nowrap height="19" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">11.20%</font></p>
</td>
<td nowrap height="19" valign="bottom"></td>
<td nowrap height="19" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">11.20%</font></p>
</td>
<td nowrap height="19" valign="bottom"></td>
<td nowrap height="19" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">11.20%</font></p>
</td>
</tr>

<tr height="19">
<td nowrap colspan="3" height="19" valign="bottom">
<p><font size="2" face="Times New Roman">Return on Rate
Base&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="19" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">8.66%</font></p>
</td>
<td nowrap height="19" valign="bottom"></td>
<td nowrap height="19" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">8.77%</font></p>
</td>
<td nowrap height="19" valign="bottom"></td>
<td nowrap height="19" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">8.86%</font></p>
</td>
<td nowrap height="19" valign="bottom"></td>
<td nowrap height="19" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">8.87%</font></p>
</td>
<td nowrap height="19" valign="bottom"></td>
<td nowrap height="19" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">8.87%</font></p>
</td>
</tr>

<tr height="11">
<td nowrap height="11" valign="bottom">
<p><font size="2" face="Times New Roman">______________</font></p>
</td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
<td nowrap height="11" valign="bottom"></td>
</tr>

<tr height="19">
<td nowrap colspan="6" height="19" valign="top">
<p><sup><font size="1" face="Times New Roman">1</font></sup><font
size="1">Includes ISO and Retained Fossil fuel costs net of RMR
revenues and WAPA payments</font></p>
</td>
<td nowrap height="19" valign="bottom"></td>
<td nowrap height="19" valign="bottom"></td>
<td nowrap height="19" valign="bottom"></td>
<td nowrap height="19" valign="bottom"></td>
<td nowrap height="19" valign="bottom"></td>
<td nowrap height="19" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap colspan="2" height="20" valign="top">
<p><sup><font size="1" face="Times New Roman">2</font></sup><font
size="1">Includes URG and Settlement Regulatory Asset
Amortization</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="22">
<td nowrap colspan="3" height="22" valign="top">
<p><sup><font size="1" face="Times New Roman">*</font></sup><font
size="1">Excludes refunding costs recovered through authorized cost
of debt</font></p>
</td>
<td nowrap height="22" valign="bottom"></td>
<td nowrap height="22" valign="bottom"></td>
<td nowrap height="22" valign="bottom"></td>
<td nowrap height="22" valign="bottom"></td>
<td nowrap height="22" valign="bottom"></td>
<td nowrap height="22" valign="bottom"></td>
<td nowrap height="22" valign="bottom"></td>
<td nowrap height="22" valign="bottom"></td>
<td nowrap height="22" valign="bottom"></td>
</tr>

<tr height="22">
<td nowrap height="22" valign="bottom">
<p><b><font size="2" face="Times New Roman">SUPPLEMENTAL
INFORMATION</font></b></p>
</td>
<td nowrap height="22" valign="bottom"></td>
<td nowrap height="22" valign="bottom"></td>
<td nowrap height="22" valign="bottom"></td>
<td nowrap height="22" valign="bottom"></td>
<td nowrap height="22" valign="bottom"></td>
<td nowrap height="22" valign="bottom"></td>
<td nowrap height="22" valign="bottom"></td>
<td nowrap height="22" valign="bottom"></td>
<td nowrap height="22" valign="bottom"></td>
<td nowrap height="22" valign="bottom"></td>
<td nowrap height="22" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap colspan="2" height="20" valign="bottom">
<p><i><font size="2" face="Times New Roman">Gas Procurement Volumes
and Average Price</font></i></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap colspan="3" height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Gas Sales
(mDTH)&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;...</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">289,964</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">293,022</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">295,963</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">299,030</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">302,121</font></p>
</td>
</tr>

<tr height="20">
<td nowrap colspan="3" height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Average Price
($/mmBtu)&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3.63</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3.64</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3.17</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3.36</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3.91</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="24">
<td nowrap colspan="2" height="24" valign="bottom">
<p><i><font size="2" face="Times New Roman">Elec Procurement
Volumes and Average Price</font></i><sup><font size=
"2">1</font></sup></p>
</td>
<td nowrap height="24" valign="bottom"></td>
<td nowrap height="24" valign="bottom"></td>
<td nowrap height="24" valign="bottom"></td>
<td nowrap height="24" valign="bottom"></td>
<td nowrap height="24" valign="bottom"></td>
<td nowrap height="24" valign="bottom"></td>
<td nowrap height="24" valign="bottom"></td>
<td nowrap height="24" valign="bottom"></td>
<td nowrap height="24" valign="bottom"></td>
<td nowrap height="24" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><i><font size="2" face="Times New Roman">Volumes
(GWh)</font></i></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap colspan="3" height="20" valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;
Hydro/Helms/Diablo/ID&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">33,114</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">33,514</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">33,514</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">33,530</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">33,530</font></p>
</td>
</tr>

<tr height="20">
<td nowrap colspan="3" height="20" valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;
QF&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.&hellip;&hellip;</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">21,004</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">20,758</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">20,312</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">19,553</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">19,044</font></p>
</td>
</tr>

<tr height="24">
<td nowrap colspan="3" height="24" valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp; Other
Gen<sup>2</sup>&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;...&hellip;</font></p>
</td>
<td nowrap height="24" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">2,518</font></p>
</td>
<td nowrap height="24" valign="bottom"></td>
<td nowrap height="24" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3,141</font></p>
</td>
<td nowrap height="24" valign="bottom"></td>
<td nowrap height="24" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3,517</font></p>
</td>
<td nowrap height="24" valign="bottom"></td>
<td nowrap height="24" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">3,839</font></p>
</td>
<td nowrap height="24" valign="bottom"></td>
<td nowrap height="24" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">4,584</font></p>
</td>
</tr>

<tr height="20">
<td nowrap colspan="3" height="20" valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp; Net
Open&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.&hellip;</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">2,878</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">1,464</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">1,923</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">1,867</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">2,532</font></u></p>
</td>
</tr>

<tr height="26">
<td nowrap colspan="3" height="26" valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp; Total Non-DWR
Supply&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;</font></p>
</td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">59,514</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">58,877</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">59,266</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">58,789</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">59,690</font></p>
</td>
</tr>

<tr height="20">
<td nowrap colspan="3" height="20" valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;
DWR&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">19,191</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">18,621</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">19,279</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">20,252</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">19,959</font></p>
</td>
</tr>

<tr height="26">
<td nowrap colspan="3" height="26" valign="bottom">
<p><font size="2" face="Times New Roman">Total (excl
D/A)&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..&hellip;&hellip;</font></p>
</td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">78,704</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">77,498</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">78,546</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">79,042</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">79,649</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><i><font size="2" face="Times New Roman">Average Price
($/MWh)</font></i></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap colspan="3" height="20" valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;
QF&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">74.30</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">74.49</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">72.19</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">68.64</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">69.44</font></p>
</td>
</tr>

<tr height="24">
<td nowrap colspan="3" height="24" valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp; Other
Gen<sup>3</sup>&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..</font></p>
</td>
<td nowrap height="24" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">77.26</font></p>
</td>
<td nowrap height="24" valign="bottom"></td>
<td nowrap height="24" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">86.94</font></p>
</td>
<td nowrap height="24" valign="bottom"></td>
<td nowrap height="24" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">82.08</font></p>
</td>
<td nowrap height="24" valign="bottom"></td>
<td nowrap height="24" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">86.22</font></p>
</td>
<td nowrap height="24" valign="bottom"></td>
<td nowrap height="24" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">80.90</font></p>
</td>
</tr>

<tr height="20">
<td nowrap colspan="3" height="20" valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp; Net
Open&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">121.26</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">198.95</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">175.34</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">215.24</font></u></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><u><font size="2" face=
"Times New Roman">171.77</font></u></p>
</td>
</tr>

<tr height="26">
<td nowrap colspan="3" height="26" valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp; Total Non-DWR
Supply&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;</font></p>
</td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">79.70</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">83.22</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">81.24</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">82.14</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">81.35</font></p>
</td>
</tr>

<tr height="20">
<td nowrap colspan="3" height="20" valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;
DWR&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">110.26</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">111.22</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">103.47</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">99.58</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">102.73</font></p>
</td>
</tr>

<tr height="26">
<td nowrap colspan="3" height="26" valign="bottom">
<p><font size="2" face="Times New Roman">Overall Average (excl
D/A)&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..&hellip;&hellip;</font></p>
</td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">92.57</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">95.07</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">90.76</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">89.90</font></p>
</td>
<td nowrap height="26" valign="bottom"></td>
<td nowrap height="26" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">90.61</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><i><font size="2" face="Times New Roman">Sales/Deliveries
(GWh)</font></i></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap colspan="3" height="20" valign="bottom">
<p><font size="2" face="Times New Roman">Total
Deliveries&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..&hellip;&hellip;</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">78,686</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">79,686</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">80,688</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">81,690</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">82,684</font></p>
</td>
</tr>

<tr height="20">
<td nowrap colspan="3" height="20" valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp; Bundled
Sales&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">69,721</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">70,721</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">71,723</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">72,725</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">73,719</font></p>
</td>
</tr>

<tr height="20">
<td nowrap colspan="3" height="20" valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp; Direct
Access&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">8,965</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">8,965</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">8,965</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">8,965</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">8,965</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><i><font size="2" face="Times New Roman">Average Rate
(&frac12;/kWh)</font></i></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap colspan="3" height="20" valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp; Total
Deliveries&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.&hellip;&hellip;</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">12.58</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">12.55</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">12.41</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">12.45</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">12.22</font></p>
</td>
</tr>

<tr height="20">
<td nowrap colspan="3" height="20" valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp; Bundled
Sales&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">13.36</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">13.32</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">13.16</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">13.18</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">12.92</font></p>
</td>
</tr>

<tr height="20">
<td nowrap colspan="3" height="20" valign="bottom">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp; Direct
Access&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;</font></p>
</td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">6.45</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">6.45</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">6.45</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">6.45</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
<p align="right"><font size="2" face=
"Times New Roman">6.45</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom">
<p><font size="2" face="Times New Roman">______________</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap colspan="10" height="20" valign="bottom">
<p><sup><font size="1" face="Times New Roman">1</font></sup><font
size="1">Electric Procurement Volumes and Average Prices are shown
before the effects of netting line losses and Helms
pumping</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap colspan="4" height="20" valign="bottom">
<p><sup><font size="1" face="Times New Roman">2</font></sup><font
size="1">Includes Retained Fossil, Etiwanda &amp; EBMUD, and Puget
inbound</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>

<tr height="20">
<td nowrap colspan="10" height="20" valign="bottom">
<p><sup><font size="1" face="Times New Roman">3</font></sup><font
size="1">Includes ISO Ancillary Services, Renewables, and Retained
Fossil fuel costs net of RMR revenues and WAPA payments</font></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom"></td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>
</div>
</body>
</html>


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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